E40- Crypto Special (Part 3 of 3) Understanding Mining Podcast

https://chainofwealth.com/podcast/e40-crypto-special-part-3-3-understanding-mining/

Round 3-

[2:8] Ok let’s chat about mining today. Loads of people have made a ton of money when they started mining bitcoin. So firstly, what is mining and secondly is it still a thing that people still making money off it?
· Mining is getting paid to verify transactions
· Kind of like a jury that works to audit the blockchain
· Every time it happens you get paid
· In terms of profitability, there are loads of calculators available, it’s profitable, that’s why people do it
· New tech called Burst maps the free space on you hard drive & it’s eco friendly
· There is a big difference between mining and minting, in minting you put down your own coins as proof of stake so you won’t do false verifications

[7:39] With the increased computing power and complexity of the transactions that are being verified, what happens if there are not enough miners verifying transactions?
· If that happens to Bitcoin they will need to change to a proof of stake system
· There should be such mass adoption that your wallet should automatically do it, but at this point the tech is not developed right now

[8:52] So mining is verifying transactions, what about Raiblocks, from what I understand there is no need to verify transactions? How does Raiblocks differ?
· The transaction is being verified but it’s happening very quickly
· Tech is new and difficult to explain
· The lattice structure allows the transaction to verify much faster
[14:26] What would be some of the next steps someone could take to start investing in crypto? What coins do you currently hold?
· Etherlend
· CossCoin
· Stellar Lumens
· Ripple
· Kucoin Shares
· Vibe
· SONM
· Neo
· Funfair
· QNTM
· Steem
· Burst
· Etc. J

[17:47] Cryptocurrencies- the word crypto means encrypted and secure. Let’s chat about security of cryptocurrency, what would you recommend?
· Plan to hold in the long run, it’s a much better return
· Buy an external wallet, make sure it’s not second hand
· You can back it up and be very safe
· Don’t be lazy and leave it on the exchange
· 2FA, Google Authenticator etc.

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